Circular No. 1196: Amendments to the Guidelines on the Settlement of Electronic Payments Under the NRPS Framework

BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE GOVERNOR

CIRCULAR NO. 1196
Series of 2024

Subject: Amendments to the Guidelines on the Settlement of Electronic Payments Under the National Retail Payment System (NRPS) Framework

The Monetary Board, in its Resolution No. 678 dated 13 June 2024, approved the amendments to the guidelines on the settlement of electronic payments under the NRPS¹ as provided under Section 701 of the Manual of Regulations for Payment Systems (MORPS) in the use of a secured settlement account for batched transactions.

Section 1. Section 701 of the MORPS is hereby amended to read, as follows:

701 SETTLEMENT OF ELECTRONIC PAYMENTS UNDER THE NATIONAL RETAIL PAYMENT SYSTEM (NRPS) FRAMEWORK

x x x

701.2 Minimum requirements for the operation of a settlement mechanism for electronic payments. Settlement mechanisms for electronic payments shall meet the following minimum requirements:

a. x x x

b. Distinct DDAs shall be separately established and used for each of the following: (i) instant retail payments, and (ii) batch clearing and settlement of electronic payments, unless otherwise allowed with prior BSP approval;

c. x x x

d. x x x

e. Use of the DDA instead of the established distinct DDAs may be allowed, subject to prior BSP approval;

f. The service contract between the clearing participants and the CSO shall include, at a minimum, the following provisions: x x x ;and

g. Should the clearing participants determine that the funds in their DDAs x x x

Section 2. Effectivity. This Circular shall take effect immediately upon its

¹ As amended under Section 701 of the Manual of Regulations for Payment Systems (MORPS).

*

publication either in the Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

[Signature]
ELI M. REMOLONA, JR.
Governor

__ June 2024

Subject: Amendments to the Guidelines on the Settlement of Electronic Payments Under the National Retail Payment System (NRPS) Framework

Classification: GENERAL